Kingfisher Airlines shares up as government willing to support company

MUMBAI: Shares of Kingfisher Airlines surged higher in a weak market today on the hopes that the beleaguered airlines may be able to once again spread its wings.

"The financial turbulence at Kingfisher may come to an end. The government is ready to support the airline's revival if the employee salaries are paid," reported Sumit Chaturvedi of ET Now, quoting sources.

This comes after chief executive Sanjay Aggarwal met with aviation officials to discuss a revival plan.

The airline recently had received no objection certificates (NoCs) from oil marketing companies and aircraft leasers, but was yet to receive the same from airport operators. According to sources, Kingfisher Airlines can sort issues like airport dues later.

Meanwhile, the Supreme Court refused to grant interim protection to Kingfisher Airlines. The apex court has adjourned hearing in KFA tax dues case by four weeks.

The stock ended at Rs 14.30, up 5.93 per cent, on the NSE. It touched a high of Rs 14.70 and a low of Rs 13.30 in trade today.

The Nifty ended at 6,048.50, down 33.80 points or 0.56 per cent. It touched a high of 6,101.30 and a low of 6,040.50 in trade today.